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ENZL Crosses Critical Technical Indicator

Written by: ETFChannel.com06/25/13 - 10:51 AM EDT

Tickers in this article:
ENZL

In trading on Tuesday, shares of the iShares MSCI New Zealand Capped Investable Market Index Fund ETF entered into oversold territory, changing hands as low as $33.39 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.

In the case of iShares MSCI New Zealand Capped Investable Market Index Fund, the RSI reading has hit 29.1 — by comparison, the RSI reading for the S&P 500 is currently 39.7.

Looking at a chart of one year performance (below), ENZL's low point in its 52 week range is $28.27 per share, with $39.66 as the 52 week high point — that compares with a last trade of $33.44. iShares MSCI New Zealand Capped Investable Market Index Fund shares are currently trading off about 0.9% on the day.